Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Peugeot Plans 57% Sales Rise

Peugeot plans to increase sales in Russia by 57 percent this year, tapping into surging demand for foreign car models and quality after-sales service in the country, the company said Thursday.

Peugeot, part of PSA Peugeot Citroen, hopes to sell 24,000 cars in 2007, increasing its number of Russian dealers to 40 by the year's end, said Stephane Le Guevel, Peugeot director for Russia. In 2006, the carmaker sold 15,300 cars, 22 percent more than the company had originally anticipated, he said. It currently has 27 dealers in the country.

Le Guevel said that although Peugeot sales accounted for only 2 percent of Russia's booming car market, the firm was satisfied with its pace of development in the country, adding that the carmaker preferred quality over quantity.

"You could be tempted to open many dealerships to benefit from the huge demand in the Russian car market," Le Guevel said.

He also noted that the carmaker was paying close attention to after-sales services. "Peugeot is one of the brands where you don't have a huge queue in after sales," he said.

Le Guevel confirmed the carmaker's interest in having its own production plant in Russia but said that Peugeot was discussing the matter with the authorities.

Earlier this week, Vedomosti reported that Nizhny Novgorod region officials were to visit France on Thursday with plans to invite PSA Peugeot Citroen to set up in their region.